Browsed by
Tag: plan

UK’s Sunak Readies New Jobs Plan as Economic Recovery Wanes | Investing News

UK’s Sunak Readies New Jobs Plan as Economic Recovery Wanes | Investing News

LONDON (Reuters) – British finance minister Rishi Sunak will announce on Friday his latest plan to support jobs hit by the expected closure of bars, restaurants and other businesses as the government tries to slow the spread of COVID-19.

The second wave of the coronavirus is threatening to derail Britain’s economic recovery which was already starting to wane, according to official data.

With the government’s main furlough scheme closing at the end of the month and health restrictions tightening by the day, swathes of workers in hospitality, arts and other sectors face unemployment and Sunak has come under pressure to help them.

“The chancellor will be setting out the next stage of the job support scheme later today that will protect jobs and provide a safety net for those businesses that may have to close in the coming weeks and months,” a Treasury spokeswoman said.

There are around 2.5 million jobs in the hospitality sector.

Friday’s official data showed economic output rose by 2.1% in August – less than half the median forecast in a Reuters poll of economists and the slowest increase since the economy began to recover in May from a record slump.

Pubs across England, Wales and Scotland were forced to enact early closing times last month. Scotland’s government has since ordered a 16-day closure of pubs in the country’s two biggest cities starting on Friday.

Sunak’s new jobs plan would subsidise two thirds of the wages of workers in pubs, restaurants and other businesses forced to close, the Times newspaper reported.

“Today’s figures show our economy has grown for 4 consecutive months, but I know that many people are worried about the coming winter months,” Sunak said in a statement.

“Throughout this crisis, my single-focus has been jobs – protecting as many jobs as possible, and

Read the rest
UK’s Sunak readies new jobs plan as economic recovery wanes

UK’s Sunak readies new jobs plan as economic recovery wanes

By Andy Bruce



a man wearing a suit and tie: Britain's Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London


© Reuters/TOBY MELVILLE
Britain’s Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London

LONDON (Reuters) – British finance minister Rishi Sunak will announce on Friday his latest plan to support jobs hit by the expected closure of bars, restaurants and other businesses as the government tries to slow the spread of COVID-19.

Loading...

Load Error

The second wave of the coronavirus is threatening to derail Britain’s economic recovery which was already starting to wane, according to official data.

With the government’s main furlough scheme closing at the end of the month and health restrictions tightening by the day, swathes of workers in hospitality, arts and other sectors face unemployment and Sunak has come under pressure to help them.

“The chancellor will be setting out the next stage of the job support scheme later today that will protect jobs and provide a safety net for those businesses that may have to close in the coming weeks and months,” a Treasury spokeswoman said.

There are around 2.5 million jobs in the hospitality sector.

Friday’s official data showed economic output rose by 2.1% in August – less than half the median forecast in a Reuters poll of economists and the slowest increase since the economy began to recover in May from a record slump.

Pubs across England, Wales and Scotland were forced to enact early closing times last month. Scotland’s government has since ordered a 16-day closure of pubs in the country’s two biggest cities starting on Friday.

Sunak’s new jobs plan would subsidise two thirds of the wages of workers in pubs, restaurants and other businesses forced to close, the Times newspaper reported.

“Today’s figures show our economy has grown for 4 consecutive months, but I know that many people are worried about the coming winter months,”

Read the rest
India weighs plan to keep ‘inimical’ nations out of core industries

India weighs plan to keep ‘inimical’ nations out of core industries





© Provided by Hindustan Times


Indian national security planners are considering a security architecture that weeds out inimical countries from participating in core economic sectors such as power, telecommunications and roads by verifying the origin and testing the reliability of imported equipment related to such sectors, officials aware of the development said.

India will also forge collaborations in the development of critical technologies such as 5G and 5G-plus telecommunication standards through government-to-government or industry-to-industry partnerships rather than opt for off-the-shelf purchases of equipment in the future.

The government will participate through the entire development process “so that it has the option to go for a different partner in case of any technology denial”, said a senior government official involved in the move who spoke on condition of anonymity. “Foreign companies participating in Indian core sector will not be allowed to mask their origins and will have to go for full disclosure in case of any suspicion,” the official added.

While the Narendra Modi government is tight-lipped over the matter, the “verify the origin” debate started in July after China threw all past bilateral agreements out of the window and transgressed into eastern Ladakh, resulting in a tense military standoff that is yet to be resolved. The transgression and a June 15 clash in the Galwan Valley that left 20 Indian troops dead, besides an unspecified number of Chinese casualties, triggered calls for a boycott of Chinese products. Since then, the power ministry has decided to put in place specific testing guidelines that require the country of origin of imported equipment to be disclosed and to ensure that there is no malware embedded in critical sector equipment.

“The new testing guidelines for power equipment are to ensure that the country of origin does not install a malware which can be activated

Read the rest
Spain unveils economic recovery plan amid pandemic

Spain unveils economic recovery plan amid pandemic

Spain’s prime minister has unveiled a major plan to boost his country out of recession by spending 140 billion euros ($162 billion) of European Union funds to reshape the economy

LISBON, Portugal — Spain’s prime minister unveiled a major plan Wednesday to boost his country out of recession by spending 140 billion euros ($162 billion) of European Union aid to reshape the economy, with the aim of creating 800,000 jobs over the next three years.

“We have to turn this heavy blow into an opportunity,” Prime Minister Pedro Sánchez said, referring to the pandemic’s far-reaching effects on society and the economy. “This is the challenge of our generation.”

Spain is the latest EU country to say how it intends to use the bloc’s 750-billion-euro coronavirus recovery fund, approved last July and designed to help the world’s biggest trading bloc exit its deepest-ever recession.

France last month unveiled a 100 billion-euro ($116 billion) plan called “France Reboot,” that includes 40 billion euros ($46 billion) from the EU recovery plan.

Germany has a 130 billion euro stimulus package for 2020 and 2021, to be spent on infrastructure, digitalization and green energy projects such as electric vehicles. Italy is sketching a roadmap along similar lines to Spain, dubbing it

Read the rest